Amgen was highlighted in NFTRH and has been updated weekly as part of the NFTRH+, Trading Notes segment. It seemed like the best of a difficult bunch, where Biotech was concerned and is part of a diversified portfolio of supposed Trump and anti-Trump items (AMGN theoretically being ‘anti’). I had small losses a couple different times trying to do GILD, which has some issues with fading market share in its Hep C franchise and questions about its pipeline (hence its seemingly ridiculously low valuation).
AMGN on the other hand, has appeared to be ship shape as an old guard Biotech company and even won a legal ruling vs. a couple competitors recently. I bought its chart at 153/share just before that news as it edged above a bullish looking pattern’s top at around 151. It then flagged down to test the newly formed support, AKA the top of the pattern. We noted weekly in NFTRH that it was still a bullish looking retest.
I am glad I had the patience to hold on because last night Amgen released good quarterly results and promising data on a cholesterol drug. In the post’s title I question whether I will become an investor as opposed to a trader. That is because it is a lower risk company paying a good dividend. Those are my starting assumptions, but the question will likely be answered by the sector’s and stock market’s future. We’ll see, but for now I am content to hold AMGN indefinitely.
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